Australian Securities and Investments Commission Corporations (Amendment) Instrument 2023/876 (Cth)

ASIC Corporations (Amendment) Instrument 2023/876

I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    28 November 2023

Leah Sciacca

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendments

ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668

ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2023/876.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsections 341(1), 601QA(1), 655A(1), 673(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668

1        Section 4 (definition of securities)

Omit “subsection 92(4)”, substitute “subsections 92(4) and (5)”.

2        Section 7 (notional subsection 1013DAB(9) (heading))

Omit “continual”, substitute “continuous”.

3        Section 7 (notional paragraph 1013DAB(9)(b))

Omit the notional paragraph, substitute:

“(b)   electronic access to the information referred to in subsection (12) on a substantially continuous basis if either:

(i)      both the following apply:

(A)    the member has agreed to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;

(B)    the licensee has no reason to doubt that the member can electronically access the information on a substantially continuous basis; or

(ii)     all the following apply:

(A)    the member has received reasonable notice that the member will be able to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;

(B)    the licensee has no reason to doubt the member can electronically access the information on a substantially continuous basis;

(C)    the licensee has provided the member with the ability to opt out of receiving the information by electronic access;

(D)    the member has not opted out of receiving the information by electronic access.”

1. Section 7 (notional sub-subparagraphs 1013DAB(14)(a)(ii)(B) and (14)(c)(ii)(B))

Omit “paragraph (9)(b)”, substitute “subsection (12)”.

ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669

5        Section 4 (definition of securities)

Omit “subsection 92(4)”, substitute “subsections 92(4) and (5)”.

6        Section 8 (notional paragraph 912AD(27)(b))

Omit the notional paragraph, substitute:

“(b)   electronic access to the information referred to in subsection (30) on a substantially continuous basis if either:

(i)      both the following apply:

(A)    the client has agreed to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;

(B)    the licensee has no reason to doubt that the client can electronically access the information on a substantially continuous basis; or

(ii)     all the following apply:

(A)    the client has received reasonable notice that the client will be able to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;

(B)    the licensee has no reason to doubt the client can electronically access the information on a substantially continuous basis;

(C)    the licensee has provided the client with the ability to opt out of receiving the information by electronic access;

(D)    the client has not opted out of receiving the information by electronic access.”